Stanley Laman Group Ltd. Acquires 5,566 Shares of BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. grew its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 6.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,879 shares of the technology company's stock after purchasing an additional 5,566 shares during the period. Stanley Laman Group Ltd. owned approximately 0.16% of BlackLine worth $4,788,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Topline Capital Management LLC purchased a new position in BlackLine during the fourth quarter valued at approximately $60,572,000. American Century Companies Inc. boosted its stake in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after buying an additional 889,570 shares during the period. Brown Advisory Inc. boosted its stake in shares of BlackLine by 38.8% during the 4th quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company's stock valued at $47,602,000 after buying an additional 218,976 shares during the period. Northern Trust Corp grew its holdings in shares of BlackLine by 14.9% during the 4th quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock valued at $45,290,000 after acquiring an additional 96,523 shares in the last quarter. Finally, Tensile Capital Management LP increased its stake in shares of BlackLine by 16.5% in the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock worth $45,023,000 after acquiring an additional 105,000 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity at BlackLine

In related news, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total transaction of $43,836.30. Following the transaction, the chief accounting officer now directly owns 25,235 shares in the company, valued at $1,391,457.90. The trade was a 3.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 1,856 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the transaction, the executive now directly owns 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BL shares. Truist Financial lifted their price objective on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen lowered BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research report on Thursday, April 17th. Finally, Piper Sandler lifted their target price on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, BlackLine presently has a consensus rating of "Hold" and an average price target of $60.54.

BlackLine Stock Performance

Shares of BlackLine stock traded down $1.71 on Friday, reaching $54.06. The stock had a trading volume of 810,813 shares, compared to its average volume of 754,277. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The business's 50-day moving average price is $51.12 and its two-hundred day moving average price is $54.59. The stock has a market cap of $3.37 billion, a P/E ratio of 37.28, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.